Tax Transparency through information exchange is one of the most important and key items on the agenda nowadays. The Multilateral Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange of information, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while simultaneously protecting taxpayers’ rights.
In Brisbane, the G20 Leaders endorsed the global Common Reporting Standard for the automatic exchange of tax information (the AEOI Standard) on a reciprocal basis. To date 93 jurisdictions have committed to implementation of the AEOI Standard on a timeline that will see the first automatic exchanges take place in 2017 and 2018. The Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which is one of the possible legal frameworks that provides for AEOI, now covers 85 jurisdictions. To build on the legal framework and provide the administrative tool to undertake AEOI in practice, the Multilateral Competent Authority Agreement was launched in 2014 and has now been signed by 52 jurisdictions.
The Global Forum on Transparency and Exchange of Information in Tax Matters (the Global Forum) will review the effective implementation by jurisdictions of the AEOI Standard. Its 125 member jurisdictions participating on an equal footing, have led the successful peer review process for exchange of information (EOI) on request since 2010. The Global Forum is currently preparing the terms of reference for reviews of the AEOI Standard, and further information on their work is found in Part II of this report. An update on Global Forum members’ plans for implementation of the AEOI Standard will be discussed at the Global Forum plenary meeting at the end of 2015.